Mohawk Net Profits Up 20% in 2nd Quarter

Net earnings for Mohawk Industries Inc. in the second quarter of 2012 were $73 million, with diluted earnings per share of $1.06. Excluding restructuring charges, they were $79 million and $1.14, a 20 percent increase over the second quarter of 2011.

Net sales for the quarter were $1.5 billion, a 2 percent increase with a constant exchange rate.

For the six months ended June 30, net sales were $2.9 billion, a 2 percent increase over the first six months of 2011 with a constant exchange rate. Excluding restructuring charges, net earnings for the first six months were $120 million with an EPS of $1.73—a 25 percent increase over the six-month adjusted EPS results in 2011.

Unilin segment sales for the second quarter decreased 2 percent but increased 7 percent on a constant exchange rate. Mohawk reported that outside North America, laminate and wood flooring sales grew from continued expansion in the DIY channel, expanded distribution in the U.K. and Australian sales.

Jeffrey S. Lorberbaum, Mohawk chairman and CEO, stated in a release, “Selling prices offsetting raw material inflation, productivity gains, product mix improvements and lower interest costs all contributed to our results … During the quarter, we generated adjusted EBITDA of $187 million, free cash flow of $96 million and paid off $336 million of senior notes. We have addressed many of today’s economic challenges by enhancing our product differentiation, reducing costs, improving efficiencies and entering new product categories and geographies.”

The full release can be seen here.


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